'No Petrol price hike, face supply disruptions'

New Delhi, Apr 3: In a bid to incur the loss on selling fuel below cost, the state-owned oil companies have warned that there could be serious supply disruptions in future if prices are not hiked.

The oil companies also said that they had been losing Rs 7.67 per litre of petrol sold and the loss figure touching Rs 48 crore a day.

India's oil retailer giant, Indian Oil Corp (IOC) Chairman RS Butola said that 93 per cent of the cost of production is on account of crude oil, which the companies have to import.

Other oil retailers like Bharat Petroleum and Hindustan Petroleum are also losing 48 crore rupees per day on sale of petrol, whose pricing was decontrolled by the government in June 2010, says reports. But the government hasn't allowed the oil companies to hike petrol price.